Tata Motors announced on March 1 that it has partnered with the State Bank of India (SBI) to offer “easy loan structured schemes” for the purchase of its all-new commercial electric vehicle, the Tata Ace EV. The automaker said it has signed a memorandum of understanding (MoU) with the SBI that will allow it to offer “unique financing solutions” for the Ace EV, and that it will use the public lender’s strong network to make these solutions available to customers.
“We are proud to partner with Tata Motors in an endeavour to offer attractive financing options for the Ace EV. We are confident that the new financing scheme will help individuals and MSMEs in purchasing the state-of-the-art, eco-friendly electric mini-truck,” SBI’s deputy managing director (retail – agri, SME & FI) Pravin Raghavendra said.
The collaboration with SBI, the country’s largest state-owned lender, will accelerate “efforts towards sustainable mobility and support the nation’s net-zero aspirations,” according to Rajesh Kaul, vice president, sales and marketing, commercial vehicle business, Tata Motors.
The Ace EV, which is described by Tata Motors as “India’s most advanced, zero-emission” commercial electric vehicle, comes with a holistic solution for hassle free e-cargo mobility and five-year comprehensive maintenance package.
According to the release, the vehicle’s supporting ecosystem includes “development and deployment of charging infrastructure,” the establishment of dedicated “electric vehicle support centres for maximum fleet uptime,” the deployment of “Tata Fleet Edge – the next-gen optimal fleet management solution,” and partnerships with the country’s leading financiers for funding.
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